The settlement reached in March has the potential to revolutionize the homebuying process, and save people a lot of money — but resistance in the industry could slow down or even block that change.Right now, if you're selling your home, you pay about 6% in commissions, half to the agent who helped you sell and the other half to the buyer's agent.
That field will go away, as part of a deal that the National Association of Realtors reached to settle a class action lawsuit filed by home sellers. They'd alleged the industry group conspired with real estate companies to fix prices.By August 17, listings on the MLS won't include that "offer of compensation," the NAR confirmed to Axios.
Seller agents could also start spelling out the commission in another field in the home listing, says Steve Brobeck, senior fellow at the Consumer Federation of America. They'll write out something like "3% of sales price," and "everybody will know what that represents," he says, adding that it's not clear if that would be permissible.Glenn Kelman, CEO of Redfin, says the settlement probably won't change the industry as much as he initially thought it would.